DCF Tool


Audiocodes – Telephone Apparatus Manufacturing
audiocodes ltd. (nasdaq, tase: audc) is a leading vendor of advanced voice networking and media processing solutions for the digital workplace. audiocodes enables enterprises and service providers to build and operate all-ip voice networks for unified communications, contact centers, and hosted business services. audiocodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.
Analysis Results
Intrinsic Value $186.94
Latest Price $11.32
Relative Value 94% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 34.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 34.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 69.8 66.9
2024 93.9 86.3
2025 126 111
2026 170 144
2027 228 185
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 6850 million. This corresponds to a present value of 5330 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 594 million. Adding in the terminal value gives a total present value of 5920 million.

There are presently 31.7 million outstanding shares, so the intrinsic value per share is 186.94.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 149,930,000
Current Cash 41,913,000
Current Liabilities 94,457,000
Current Debt 0
Non-Cash Working Capital (NCWC) 13,560,000
Change in NCWC 22,042,000
EBIT 31,319,000
Tax Provision 5,717,000
Depreciation and Amortization 2,984,000
Capital Expenditure -1,487,000
Unlevered Free Cash Flow 49,619,995
Current Assets 167,553,000
Current Cash 80,092,000
Current Liabilities 95,943,000
Current Debt 0
Non-Cash Working Capital (NCWC) -8,482,000
Change in NCWC -77,182,000
EBIT 39,524,000
Tax Provision 5,896,000
Depreciation and Amortization 2,432,000
Capital Expenditure -1,174,000
Unlevered Free Cash Flow -42,277,708
Current Assets 203,642,000
Current Cash 41,383,000
Current Liabilities 94,759,000
Current Debt 1,200,000
Non-Cash Working Capital (NCWC) 68,700,000
Change in NCWC 85,069,000
EBIT 38,350,000
Tax Provision 9,399,000
Depreciation and Amortization 2,268,000
Capital Expenditure -1,530,000
Unlevered Free Cash Flow 114,321,224
Current Assets 132,591,000
Current Cash 64,773,000
Current Liabilities 86,660,000
Current Debt 2,473,000
Non-Cash Working Capital (NCWC) -16,369,000
Change in NCWC -27,078,000
EBIT 22,624,000
Tax Provision -15,292,000
Depreciation and Amortization 2,044,000
Capital Expenditure -1,949,000
Unlevered Free Cash Flow -4,359,000
Current Assets 114,270,000
Current Cash 51,105,000
Current Liabilities 54,943,000
Current Debt 2,487,000
Non-Cash Working Capital (NCWC) 10,709,000
Change in NCWC 7,497,000
EBIT 16,359,000
Tax Provision 3,094,000
Depreciation and Amortization 2,309,000
Capital Expenditure -1,340,000
Unlevered Free Cash Flow 21,773,529
Current Assets 77,376,000
Current Cash 31,322,000
Current Liabilities 45,361,000
Current Debt 2,519,000
Non-Cash Working Capital (NCWC) 3,212,000
Change in NCWC -4,068,000
EBIT 9,650,000
Tax Provision 5,610,000
Depreciation and Amortization 2,438,000
Capital Expenditure -1,574,000
Unlevered Free Cash Flow 830,180
Current Assets 79,681,000
Current Cash 31,122,000
Current Liabilities 44,730,000
Current Debt 3,451,000
Non-Cash Working Capital (NCWC) 7,280,000
Change in NCWC -7,046,000
EBIT 7,754,000
Tax Provision -8,644,000
Depreciation and Amortization 2,892,000
Capital Expenditure -1,477,000
Unlevered Free Cash Flow 2,123,000
Current Assets 73,854,000
Current Cash 21,388,000
Current Liabilities 43,478,000
Current Debt 5,338,000
Non-Cash Working Capital (NCWC) 14,326,000
Change in NCWC -12,558,000
EBIT 2,706,000
Tax Provision 2,782,000
Depreciation and Amortization 2,963,000
Capital Expenditure -1,976,000
Unlevered Free Cash Flow -11,256,388
Current Assets 78,326,000
Current Cash 15,340,000
Current Liabilities 40,788,000
Current Debt 4,686,000
Non-Cash Working Capital (NCWC) 26,884,000
Change in NCWC 3,455,000
EBIT 3,501,000
Tax Provision 3,391,000
Depreciation and Amortization 3,230,000
Capital Expenditure -2,639,000
Unlevered Free Cash Flow 4,156,000
Current Assets 102,011,000
Current Cash 46,469,000
Current Liabilities 37,152,000
Current Debt 5,039,000
Non-Cash Working Capital (NCWC) 23,429,000
Change in NCWC -8,420,000
EBIT 2,718,000
Tax Provision -1,404,000
Depreciation and Amortization 3,207,000
Capital Expenditure -1,586,000
Unlevered Free Cash Flow -4,081,000
Current Assets 81,999,000
Current Cash 23,185,000
Current Liabilities 35,401,000
Current Debt 8,436,000
Non-Cash Working Capital (NCWC) 31,849,000
Change in NCWC -5,220,000
EBIT -4,089,000
Tax Provision 541,000
Depreciation and Amortization 2,883,000
Capital Expenditure -2,006,000
Unlevered Free Cash Flow -8,432,000

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